A SOUTHAMPTON-based yacht building firm has been bailed out from administration.

British entrepreneur Richard Hadida has bought Oyster Yachts, based at Saxon Wharf in Northam.

The move is expected to secure the future of more than 400 jobs between the company's Southampton and Wroxham bases.

Mr Hadida, founder of global software business, Evolution Gaming Group, said: "It has been my privilege to sail an Oyster Yachts for some years.

"I fell in love with Oyster, the yachts, the events and more importantly the Oyster family.

"My passion for the brand has driven my decision to acquire the business.

"I firmly believe that we must save this prestigious British yacht builder and continue to nurture and grow the Oyster Group for the long term."

Mr Hadida added that his investment was not "merely a hobby" and that "hard and quick decisions" were needed to make the company a "sustainable business".

Oyster was founded in 1973 with an initial focus was on marketing a range of cruiser racers.

It has since built a reputation as the leading manufacturer of high end yachts and has won two Queen's Awards.

However, the company reportedly went into administration in February this year.

As reported in the Echo at the time, some industry sources suggest that Oyster may have lost large sums dealing with structural defects identified following the loss of Oyster yacht Polina Star III, which lost her keel and sank off the coast of Spain in 2015.

However the news came as a shock to the yachting world, as the firm seemed to be riding high.

It had recently launched its new Oyster 745 at the Dusseldorf boat show in January.

The 745 had been named 2018 Best Luxury Cruiser by the US magazine Cruising World.

One of the first tasks for the new owner and management team will be to rebuild its workforce and deliver projects on behalf of its waiting customers.

In the hope of doing this Mr Hadida has named himself interim CEO.

He will be supported by Interim Chief Operating Offer Kim Stubbs, who helped lead the successful transformation of Sunseeker.

PwC will continue to support the finance function, including appointing Becky Bridgen as Acting CFO.

Former professional sailor and yacht skipper Paul Adamson will act as Chief Transformation Officer.

Kim Stubbs, said: "The opportunity to work with Richard and a brand such as Oyster is extremely exciting.

"For the sailing community, Oyster is truly the symbol of leading yacht design.

"I firmly believe we can use the experience of the Sunseeker turnaround to deliver fast, and sustainable results at Oyster and we look forward to starting today to deliver on the clear promise of this remarkable sailing marque.”

One of the first projects for the new management team will be launching a new "flagship" yacht.

The Oyster 118 is expected to launch later this year.